Philab invests P500-M in collaboration deal with global genomics firm

Philab chairman and chief executive officer Hector Thomas Navasero told reporters the initial investment would develop a genome sequencing facility for Asia. (Photo: PHILAB Holdings Corp./Facebook)

MANILA— Philab Holdings Corp., a listed healthcare holding company backing genomics in the country, is investing PHP500 million (USD 10 million) in a deal with United States-based Veritas Genetics to expand its operations worldwide starting from the Asia-Pacific region.

Philab chairman and chief executive officer Hector Thomas Navasero told reporters the initial investment would develop a genome sequencing facility for Asia.

Navasero said they initially planned to establish the facility in Clark, Pampanga.

“After that, we are looking at additional investments if and when Veritas requires that capital,” he said after the investment signing of the collaboration deal on Friday.

Veritas Genetics, a globally known genomics innovator, screens human DNA through myGenome “whole genome sequencing” (WGS), helping people assess risks related to inherited diseases, drug sensitivities, traits as well as ancestry.

Mirza Cifric, co-founder and chief executive officer of Veritas Genetics, said the strategic collaboration would enable the company to further develop and launch their genome sequencing services, as well as expand their footprint in Asia.

“We are excited to embark on this partnership with Philab and integrate our technology to offer our services in the Asia-Pacific. Whole genome sequencing and interpretation will soon be accessible to everyone,” said Cifric.

Meanwhile, Philab is the country’s first and only publicly listed healthcare holding company which invests in genetics, biotechnology, pharmaceuticals, healthcare technology, healthcare facilities, life sciences and tools and services, managed health care and health care distributors.